Responsibilities of an Estate Executor

Being chosen as the executor of someone’s estate is a major responsibility. The person who has passed away is relying on you to carry out his or her last wishes and ensure that all unfinished matters in their life are settled. The executor will be in charge of bringing a will to probate, gathering and distributing assets to beneficiaries, and ensuring that all remaining debts are paid and taxes are filed.

When the executor of a will brings a will to probate, the Surrogate’s Court determines if the document is valid and officially grants power to the executor to carry out the final wishes of the deceased person. The executor cannot do so before the Surrogate Court deems the will “testate,” or accepts it as valid. They will do so by issuing Letters of Testamentary.

The executor will need to collect and assign a value to all of the assets in the will. At this time, the executor pays off all outstanding debts and liabilities. Once the executor has gathered the assets and pays liabilities, they can begin closing the estate. They should provide each beneficiary with a copy of the will. The executor should sign a Release and Refunding Bond prior to distributing any assets to beneficiaries. Once this document has been filed, they can begin distributing assets. Finally, the executor will have to file any remaining documents and the estate will be closed.

Contact an experienced estate attorney today who can help you through the estate administration process as an executor.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.